Liechtenstein’s financial market authority (FMA) announced on 29 July that the licence of Banque Havilland (Liechtenstein) AG to operate a bank has lapsed. This action follows a resolution from the bank’s extraordinary general meeting held on Friday 26 July 2024, during which the decision to undertake voluntary liquidation was made.

According to the FMA’s , the banking licence for Banque Havilland (Liechtenstein) AG, located at 61 Austrasse, 9490 Vaduz, has been formally renounced in writing, effective from 29 July 2024. As a result, the bank is no longer authorised to offer or provide banking services in compliance with the country’s banking act.

In response to this decision, the FMA will oversee the liquidation process to ensure the protection of clients’ interests, noted the press release from the FMA. The authority will supervise the activities of the appointed liquidators to safeguard both the assets and claims of clients at Banque Havilland in Liechtenstein and its branch in Switzerland.

Luxembourg-based Banque Havilland SA is the sole shareholder of Banque Havilland (Liechtenstein) AG, holding 100% of the bank’s equity. This bank is entirely owned by the Rowland family.

In its annual report, Banque Havilland (Liechtenstein) reported client assets totalling CHF 1.6bn and 36.4 full-time equivalent staff members as of 31 December 2023. Besides Luxembourg, Liechtenstein and Switzerland, Banque Havilland also has offices in Monaco and Dubai.

In a separate development, Banque Havilland is in advanced stages of “exclusive negotiations to sell” its Monaco subsidiary to One Swiss Bank, a private bank with branches in Zurich, Geneva and Lugano, according to a Zurich-based media outlet. Delano has not been able to independently verify the details of the sale.

Delano has reached out to Banque Havilland for comment.